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5 Big Stock Charts You Need to See


First and foremost, it makes sense to take an updated look at what's going on with the market. In last week's column, I highlighted the SPDR S&P 500 ETF (SPY) as a proxy for the broad market -- and a lot has changed since then.

Last week, the S&P 500 was in the middle of a minor correction, pulling back to the 50-day moving average in what many saw as a bearish move. But a longer-term look at a chart of SPY made it clear that the market was just showing traders a pretty tepid correction in the context of a bigger primary uptrend.

This week's rally is significant -- it broke SPY out of the fiscal cliff-induced derailment you can see in the chart above. More significant, it brings it up to a test of current resistance just above $145 for the ETF. If we can get a confirmed breakout above that level early next week, traders can expect to see a lot more upside in January. After all, thanks to high correlations with the S&P, a rising tide tends to lift all ships with this index.
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SPY $186.63 2.06%
AMTD $26.27 2.30%
MSFT $50.49 1.60%
PHM $16.01 4.20%
OTEX $47.86 2.40%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

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